Do you know Statement Of Financial Transactions?
Statement Of Financial Transactions (SFT) is a report of specified financial transactions which helps Government to identify the transaction that can attract taxes.
Government introduced SFT To keep a tab on black money and high value transactions
SFT = Statement of Financial Transactions
High value transactions reflect in Form 26AS
Banks, Corporates, Mutual fund Trustees report such high value transactions to income tax authorities
If fail to do so, they are imposed with penalties.
Check your Form 26AS before filing ITR
Declare related income to avoid income tax notice
Related Article: How To Find Out Which ITR Form To Fill?
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